DEUTSCHE BANK AKTIENGESELLSCHAFT (DB) Company Report

Deutsche Bank has set a new medium-term Return on Tangible Equity (RoTE) target of 13%+ by 2028 and a cost-income ratio target of below 60% by 2028.
The bank aims for EUR 5 billion in revenue growth between 2025 and 2028, with EUR 2 billion expected from Germany through better exploitation of its home market and benefiting from stimulus programs.
Deutsche Bank plans to increase capital distribution to shareholders with a 60% payout ratio, balancing dividend increases with higher share buybacks, and expects to be sustainably above a 14% Common Equity Tier 1 (CET1) ratio.
The company anticipates year-over-year improvement in RoTE, with 2026 expected to be better than 2025, despite increased investments in business growth and operational efficiencies.

Nov 20, 2025, 9:30 AM

Transcript

Deutsche Bank Updates Strategy and Financial Targets to 2028

Guidance Update

New Projects/Investments

Share Buyback

Deutsche Bank has set a new Return on Tangible Equity (RoTE) target of 13% plus by 2028, evolving its strategy to "scaling the global house bank". This builds on its previous 10% RoTE target for 2025, which the bank is on track to achieve.
The bank aims for a cost-income ratio below 60% by 2028, supported by EUR 2 billion in gross efficiencies. Investments are now primarily directed towards business growth and operating efficiency, rather than regulatory remediation.
A 60% payout ratio target has been set, with a mix of dividends and share buybacks. Dividends are expected to increase, including a planned 50% increase for 2025, with buybacks comprising a larger share of future distributions.
The bank is focusing on growth in asset gathering, particularly in the private bank and asset management, and better exploiting its client base in Germany, including mid-caps and benefiting from stimulus programs. The SVA (Shareholder Value Added) methodology is being implemented to optimize capital allocation, aiming to increase SVA by EUR 1 billion each in the Private Bank, Corporate Bank, and Investment Bank by 2028.

Nov 20, 2025, 9:30 AM

Transcript

Deutsche Bank Outlines Strategic Growth, Efficiency, and Capital Allocation Plans

Guidance Update

Dividends

Share Buyback

Deutsche Bank is focusing on asset gathering in its private bank, asset management, and corporate bank, particularly in the pension and investment business in Germany, aiming for growth in capital-light areas.
The company is investing heavily in operational efficiencies and client experience, with 70-80% of investments directed towards business growth and operating efficiency, including a digital investment platform and an AI-dominated credit process.
Deutsche Bank expects a Return on Tangible Equity (RoTE) above 10% in 2025, with year-over-year improvement through 2028, and aims for a cost-income ratio below 60% by 2028.
The bank plans a 60% payout ratio to shareholders, balancing increased dividends with higher share buybacks, and expects to maintain capital sustainably above 14%.
Management is confident in delivering a RoTE larger than 10% for the current year, despite the fourth quarter typically being weaker, and expects continued operating momentum into 2026.

Nov 20, 2025, 9:30 AM

Transcript

Deutsche Bank Negotiates Sale of India Retail and Wealth Management Businesses

M&A

Guidance Update

Deutsche Bank is actively negotiating the sale of its retail and wealth management businesses in India, with Kotak Mahindra Bank and Federal Bank as the leading contenders.
The potential sale, which includes assets estimated at approximately ₹25,000 crore, is part of Deutsche Bank's global restructuring strategy aimed at improving profitability.
As of March 2025, Deutsche Bank's Indian retail unit generated ₹2,455 crore in revenue and held ₹25,038 crore in retail assets.
The bank aims to increase revenue to €37 billion by 2028 and reduce its cost-to-income ratio below 60% as part of its profitability goals.

Nov 20, 2025, 5:55 AM

Bloomberg

Deutsche Bank Announces New Growth Phase and Financial Targets for 2028

Guidance Update

Dividends

Revenue Acceleration/Inflection

Deutsche Bank has announced a new phase of growth and value creation, setting financial targets for 2028, including a Return on Tangible Equity (RoTE) target of greater than 13% and a cost/income ratio target of below 60%.
The bank plans to increase its payout ratio to shareholders to 60% from 2026, up from the current target of 50%.
Deutsche Bank targets compound annual revenue growth of above 5%, with revenues projected to rise from approximately €32 billion in 2025 to around €37 billion in 2028.

Nov 17, 2025, 5:56 PM

6-K

Deutsche Bank Announces Ambitious 2028 Financial Targets

Guidance Update

Dividends

Layoffs

Deutsche Bank has announced new financial targets for 2025 to 2028, aiming to raise its return on tangible equity to over 13% by 2028, target annual revenue growth above 5% to reach 37 billion euros, and reduce its cost-to-income ratio to below 60%.
The bank plans gross cost savings of about 2 billion euros by 2028, which may involve staffing adjustments, as part of its effort to improve cost efficiency.
From 2026 onward, Deutsche Bank will increase its payout ratio to 60% of net profit, up from the current 50%, with additional shareholder distributions possible.
Outgoing CFO James von Moltke confirmed that Deutsche Bank is on track to achieve its 2025 financial targets, including a return on equity of more than 10%, revenues around 32 billion euros, and pre-tax profit around 10 billion euros.

Nov 17, 2025, 1:10 PM

Bloomberg

Deutsche Bank Outlines Strategic Plan and Financial Targets Through 2028

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Deutsche Bank announced its strategic plan and financial targets through 2028, aiming to move from defense to offense and become the European champion.
Key group-level financial targets for 2028 include a Return on Tangible Equity (RoTE) of greater than 13%, a revenue kicker above 5%, and a cost-income ratio below 60%.
The bank expects to generate EUR 5 billion in incremental revenues by 2028, increasing overall revenues from EUR 32 billion to around EUR 37 billion, with significant contributions from the Private Bank, Corporate Bank, and Asset Management.
Divisional targets for 2028 include an 8% revenue compound annual growth rate for the Corporate Bank and 5%-6% compound annual growth for the Private Bank's revenues.
Deutsche Bank plans to maintain a CET1 operating level between 13.5%-14% and intends to return any capital sustainably above 14% to shareholders.

Nov 17, 2025, 1:00 PM

Transcript

Deutsche Bank Outlines Strategic Path and Financial Targets Through 2028

Guidance Update

New Projects/Investments

Dividends

Deutsche Bank has transformed into a "Global Housebank," expecting EUR 32 billion in revenue for 2025 and achieving approximately 6% compound annual revenue growth since 2021.
The bank targets a Return on Tangible Equity (ROTE) of more than 13% and a cost-income ratio of below 60%. Its CET1 ratio is expected to be around 14% by the end of 2025.
Shareholder distributions are projected to exceed EUR 8 billion for 2021-2025, including an expected EUR 1 dividend per share next year and additional share buybacks, with a target payout ratio of 60%.
Operational efficiencies include a EUR 2.5 billion cumulative cost takeout by year-end and a projected EUR 1 billion lower cost base in 2025 compared to 2021. Strategic investments of EUR 1.6 billion over three years are expected to yield $2 billion in return.
The Private Bank aims for EUR 1 trillion in client assets by 2028 with 5%-6% annual revenue growth , while the Corporate Bank targets an 8% revenue CAGR through 2028. DWS aims for a cost-income ratio below 60% and 10% CAGR in pre-tax profit through 2028.

Nov 17, 2025, 1:00 PM

Transcript

Deutsche Bank Outlines Strategic Plan and Financial Targets Through 2028

Guidance Update

New Projects/Investments

Revenue Acceleration/Inflection

Deutsche Bank aims to achieve a Return on Tangible Equity (ROTE) of greater than 13% by 2028, accelerating from above 10% in 2025. This will be supported by an increased payout ratio to 60% from 2026.
The bank targets annual revenue growth of more than 5% compound per year, expecting to increase annual revenues by approximately EUR 5 billion by 2028. Around 75% of this growth is anticipated from asset gathering, payments, and advisory.
Deutsche Bank plans to reduce its cost-income ratio to below 60% by 2028. This will be driven by a further EUR 2 billion in gross annual efficiencies and strategic investments of EUR 1.5 billion in technology, AI, and business growth.
The Corporate Bank specifically targets an 8% revenue compounded annual growth rate, a cost-income ratio of less than 55%, and over 20% return on tangible equity by 2028. The Investment Bank expects over EUR 1 billion in annual revenue growth and over EUR 120 million in cost efficiencies by 2028.

Nov 17, 2025, 1:00 PM

Transcript

King US Bidco, Inc. Prices €750 Million Floating Rate Senior Secured Notes

Debt Issuance

M&A

New Projects/Investments

King US Bidco, Inc. priced €750,000,000 in aggregate principal amount of Floating Rate Senior Secured Notes due 2032 at an issue price of 100.000%.
The Notes will bear interest at a rate equal to the three-month EURIBOR (with a floor of 0%) plus 3.25% and are expected to close on December 1, 2025.
Proceeds from the offering will be used to fund the acquisition of Kelvion Thermal Solutions Holding GmbH and Mangrove GermanCo I GmbH, redeem €525.0 million of existing senior secured floating rate notes, repay existing facilities, and cover transaction costs.
King US Bidco, Inc. will be indirectly owned by investment funds managed by Apollo Global Management, Inc. and Triton Investments Advisers LLP.

Nov 12, 2025, 8:16 PM

Press Release

Earnings Transcripts

Quarterly earnings call transcripts for DEUTSCHE BANK AKTIENGESELLSCHAFT.

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